Now the parties are moving further apart, because of the Republican approach and Obama’s proposal earlier this year to impose capital gains taxes on appreciated assets at death.

Under the latest Republican plan, the family would pay taxes only on capital gains that occur after the couple’s death -- for a total bill of $2.38 million. Obama would charge them about $30 million.

The basis rules are especially important for farmers, who often have assets tied up in land that has appreciated in value, said Pat Wolff, a tax specialist at the American Farm Bureau Federation. Farmers sometimes choose to sell parts of their land, and the basis rules in the Republican measure make that easier and less expensive.

‘Swapping’ Tax

“We asked that the death tax repeal be a straight up repeal bill and not create new taxes for farmers and ranchers,” she said.

Lawmakers should rethink the bill, said Patricia Soldano, a California estate planner who has spent 20 years backing repeal.

“You very possibly would have assets in which the appreciation on those assets is untaxed,” she said. “And I don’t really think people are suggesting that.”

The combination of estate tax repeal and the stepped-up basis rules would be “pretty close” to ending the capital gains tax altogether, said Lawrence Zelenak, a Duke University tax law professor.

“Anybody who can afford not to would never sell an asset during life again,” he said. “It’s just this massive tax favoritism for transfers at death.”

The bill is H.R. 1105.

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